Meredith Corp. (MDP) Tops Q3 EPS by 21c, Revenues Miss

Meredith Corp. (NYSE: MDP) reported Q3 EPS of $0.53, $0.21 better than the analyst estimate of $0.32. Revenue for the quarter came in at $664.5 million versus the consensus estimate of $677.99 million.

"Our National Media digital business again delivered record revenue performance, including digital advertising revenues that surpassed magazine advertising for the second consecutive quarter, along with another quarter of growth in licensing and digital consumer related revenues," said Meredith Chairman and Chief Executive Officer Tom Harty. "Our mature media performance was mixed as Local Media non-political spot advertising revenues exceeded our estimates, while magazine advertising revenues were adversely impacted by clients that continue to be affected by the pandemic and resulting uncertainty. Our plan and efforts to enhance financial flexibility and manage costs continue producing tangible results including debt redemption of $251 million and Free Cash Flow of $68 million."

For earnings history and earnings-related data on Meredith Corp. (MDP) click here.

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